Ames Trading Company has the following products in its ending inventory. Product Mountain bikes Skateboards Gliders Quantity 11 13 26 Cost per Unit Market per Unit $600 $550 350 425 800 700 Required: Compute lower of cost or market for inventory applied separately to each product.

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.